The UK government’s borrowing to fund businesses through the COVID-19 crisis reached £35.9bn in August, according to the Office for National Statistics (ONS).
The pandemic has devastated many sectors and with the plethora of loans and grants on offers, today’s statistics show the true financial implications of the last few months on the UK economy.
The figure announced today is the difference between spending and tax income. However, the total number was £30.5bn more than the government borrowed in August last year. The increase meant that the borrowing figures have hit the highest amount since records began in 1993.
During the height of the crisis (April to August) totalled £173.7bn. This is also a record amount of borrowing since records began.
Also according to statistics by ONS, UK debt passed £2tn for the first time in history in July as the government spent billions on introducing loans, grants and other measures designed to protect businesses and the wider economy. Last month, debt hit £2.024tn, £249.5bn more than the same time in 2019. This is the highest level of debt in over 50 years.